ACTIONS SEMICONDUCTOR CO., LTD. (ADR) 
By ZHUHAI, China, Jan. 19, 2012 /PRNewswire-Asia/ -- Actions Semiconductor Co., Ltd. (Nasdaq: ACTS), one of China's leading fabless semiconductor companies that provides comprehensive portable multimedia and mobile internet system-on-a-chip (SoC) solutions for portable consumer electronics, today reported its financial results for the fourth quarter and fiscal year ended December 31, 2011.
All financial results are reported on a U.S. GAAP basis.
Revenue for the fourth quarter of 2011 was $12.3 million, as compared to revenue of $15.3 million for the third quarter of 2011, and $10.7 million for the fourth quarter of 2010. Revenue for the year ended December 31, 2011 was $47.5 million, compared to revenue of $37.6 million for the year ended December 31, 2010.
Net loss attributable to Actions Semiconductor's shareholders for the fourth quarter of 2011 was $0.11 million or $0.00 per ADS. This compares to net income attributable to Actions Semiconductor's shareholders of $2.6 million or $0.04 per ADS, for the third quarter of 2011, and net loss attributable to Actions Semiconductor's shareholders of $0.15 million or $0.00 per ADS, for the fourth quarter of 2010. Net income for the full year of 2011 was $3.1 million, compared to net income of $0.4 million reported for the full year 2010. Net income per ADS was $0.04 for 2011, compared to net income per ADS of $0.01 reported for the full year 2010.
Actions Semiconductor reported gross margin of 37.6% for the fourth quarter of 2011, compared to gross margin of 40.6% for the third quarter of 2011, and 37.1% for the fourth quarter of 2010. The Company ended the year with $33.2 million in cash and cash equivalents. Trading securities, and marketable securities, current and non-current, were $187.4 million at the end of the year.
Since the share repurchase program commenced in 2007, the Company has invested approximately $41.4 million in repurchasing its shares. As of December 31, 2011, approximately 17.7 million American Depositary Shares (ADSs) were repurchased.
"Our revenue for the fourth quarter was in line with expectations and reflects the current demand environment in our end markets," stated Dr. Zhenyu Zhou, CEO of Actions Semiconductor. "We were pleased to see an increase in shipments of our higher end solutions including our high definition (HD) products.
"In 2011, we made progress on a number of financial metrics, growing revenues by 26% and improving profitability. We maintained our strong leadership position in mainstream portable video and portable audio products, such as automotive/boom box products, while gaining traction in new high end market categories, such as gaming and HD products. Importantly, we believe we have developed a solid platform for continued growth in targeting high end applications.
"As we enter 2012, we expect to maintain a leading position in our established end markets with our current audio and video product portfolio. At the same time, we will focus on advancing our product mix to include even more high end, network enabled devices," concluded Dr. Zhou.
Business Outlook
The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.
For the first quarter of fiscal year 2012 ending March 31, 2012, Actions Semiconductor estimates revenue in the range of $9 to $10 million, gross margin of approximately 38%.
Conference Call Details
Actions Semiconductor's fourth quarter and fiscal year 2011 teleconference and webcast is scheduled to begin at 5:30 p.m. Eastern Time, on Thursday, January 19, 2012. To participate in the live call, analysts and investors should dial 877-941-1427 (within U.S.) or 480-629-9664 (outside U.S.) at least ten minutes prior to the call. Actions Semiconductor will also offer a live and archived webcast of the conference call, accessible from the "Investor Relations" section of the company's website at . An audio replay of the call will be available to investors through January 29, 2012 by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering access code 4504471.
About Actions Semiconductor
Actions Semiconductor is one of China's leading fabless semiconductor companies that provides comprehensive portable multimedia and mobile internet system-on-a-chip (SoC) solutions for portable consumer electronics. Actions Semiconductor products include SoCs, firmware, software, solution development kits, as well as detailed specifications of other required components. Actions Semiconductor also provides total product and technology solutions that allow customers to quickly introduce new portable consumer electronics to the mass market in a cost effective way. The company is headquartered in Zhuhai, China, with offices in Beijing, Shanghai, and Shenzhen. For more information, please visit the Actions Semiconductor website at .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this release that are not historical facts are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements concerning signs of positive indicators in the industry for next year, growth in the market driven by continued proliferation of applications within the PMP market and incremental rebound of overall demand for these products, Actions Semiconductor's belief that it is positioned to capture some upside from these trends, and Actions Semiconductor's future expectations with respect to revenue, gross margin, operating expenses and share-based compensation expense. Actions Semiconductor uses words like "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are estimates reflecting current assumptions, expectations and projections about future events and involve significant risks, both known and unknown, uncertainties and other factors that may cause Actions Semiconductor's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, customers' cancellation or modification of their orders; our failure to accurately forecast demand for our products; the loss of, or a significant reduction in orders from, any of our significant customers; fluctuations in our operating results; our inability to develop and sell new products; defects in or failures of our products; the expense and uncertainty involved in our customer design-win efforts; the financial viability of the distributors of our products; consumer demand; worldwide economic and political conditions; fluctuations in our costs to manufacture our products; our reliance on third parties to manufacture, test, assemble and ship our products; our ability to retain and attract key personnel; our ability to compete with our competitors; and our ability to protect our intellectual property rights and not infringe the intellectual property rights of others. Other factors that may cause our actual results to differ from those set forth in the forward-looking statements contained in this press release and that may affect our prospects in general are described in our filings with the Securities and Exchange Commission, including our most recently filed Forms F-1, 20-F and 6-Ks. Other unknown or unpredictable factors also could have material adverse effects on Actions Semiconductor's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except as required by law, Actions Semiconductor undertakes no obligation and does not intend to update or revise any forward-looking statement to reflect subsequent events or changed assumptions or circumstances.
Investor Contacts:
Lisa Laukkanen | Edward Chen | |
The Blueshirt Group | Investor Relations at Actions Semiconductor | |
415-217-4967 | +86-756-3392353*1110 | |
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